Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
- Deloitte posts record global revenue
- Mullen Automotive acquires EV startup Bollinger Motors
- BYD plans to build a factory in Thailand
- Arize AI pockets $38 million in funding
- Ford Motors to Enter Into Metaverse and Web 3.0
Deloitte Posts Record Global Revenue 💰
Deloitte reported record global revenue for the fiscal year ending 31 May 2022.
- Revenue: $59.3 billion, a 19.6% increase over the past year in local currency. 📈
- Consulting revenue grew at the fastest pace at 24.4%
- Financial advisory revenue grew 22.1%
- Risk advisory revenue grew 19.5%
- Tax and legal services revenue grew at 11.5%
- Audit and assurance revenue at 8.7%
- Global workforce increased to approximately 415,000
What does this mean?
Deloitte, which is one of the “Big Four” professional services firms, is improving its services, including customer support, updating systems, and toughening supply chains, even amid uncertain economic conditions.
Statement from Deloitte Global CEO:
“Over the past several years, we have steered a remarkable course to become the leading professional services organization in the world. The power of our multi-disciplinary and private partnership model along with our global strategy drives our performance, allowing Deloitte to serve clients with distinction, take care of our people, give back to our communities, and uphold the public’s trust,” said Punit Renjen, Deloitte Global CEO.
Mullen Automotive acquires EV startup Bollinger Motors 🚗
Mullen Automotive, Inc., an emerging electric vehicle (EV) manufacturer, has acquired a controlling interest in EV truck innovator Bollinger Motors.
- Mullen has acquired a 60% stake in Bollinger Motors for $148.2 million worth of cash and stock options.
- The deal makes Mullen the company’s majority owner.
- As part of the acquisition, Bollinger brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles.
- With Mullen’s acquisition, both B1 and B2 programs will commence after the start of production for class 3–6 commercial truck programs.
Why does this deal matter?
The acquisition will help Mullen add Bollinger-designed medium-duty trucks and sport utility trucks to its inventory. The deal also positions Bollinger to gain its foothold in the electric sport utility and commercial vehicle markets.
After the deal, Mullen and Bollinger will continue to grow the team and develop all-electric commercial platforms, leveraging each other’s resources, including Mullen’s solid-state battery technology.
BYD Plans to Build a Factory 🏭 in Thailand 🇹🇭
Chinese electric vehicle and battery maker BYD is planning to open its first wholly invested passenger car factory in Thailand.
- The Chinese company will work together with WHA Group, the largest industrial developer in Thailand, to build a half-billion-dollar factory in the eastern province of Rayong.
- BYD expects to make 150,000 electric passenger cars at the new plant factory starting in 2024.
- The plans for the new manufacturing plant were approved by the Thailand Board of Investment in August.
BYD’s rapid growth:
- The company announced its official entry into Thailand’s passenger car market early last month. This will be BYD’s first passenger car manufacturing unit outside China.
- Next, BYD plans to enter the passenger car market in Japan by selling three electric car models by 2023.
- BYD sold over 487,000 battery-powered passenger cars for the first eight months of 2022 — more than thrice the number sold during the same period last year.
Arize AI Pockets $38 Million in Funding 💰
Arize AI, a machine learning observability platform, has raised $38 million in its Series B funding round.
The Series B funding was led by investment firm TCV. Existing investors Battery Ventures, Foundation Capital, and Swift Ventures also participated in the round.
What will Arize AI do with the funds?
The startup will use the capital to scale research and development capabilities. In addition, the company also plans to double its 50-person headcount over the next year.
About Arize AI:
Arize AI is a machine learning observability platform helping ML teams deliver and maintain more successful AI in production.
The company’s automated model monitoring and observability platform enables ML teams to quickly detect issues when they emerge, troubleshoot them, and improve overall model performance across both structured and unstructured data.
The startup’s ML observability platform is already used by several companies, including Uber, eBay, Instacart, Spotify, Nextdoor, New York Life, and Stitch Fix, among others.
Ford Motors to Enter Into Metaverse and Web 3.0 💡
Ford Motor Company is all set to make a grand entry into the Metaverse and non-fungible tokens (NFTs).
On September 2, the automobile giant filed for 19 trademarks related to the crypto space with the United States Patent and Trade Office (USPTO). The trademarks cover its car brands, including Mustang, Explorer, Lincoln, and F-150 Lightning, among others.
That’s a wrap for today, ladies & gents. See ya next week!
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This is a daily newsletter that covers the top business, tech and finance stories for today.